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by patio11 3790 days ago
Do US LLCs really not require you to file accounts

Yep! The standard for US LLCs is you disclose ownership and members, which become public records, but that's about it. A sole proprietor LLC doesn't even file their accounts with the IRS (required to produce them in the event of an audit, but the standard return won't include e.g. money in the bank or anything); a partnership return has some balance sheet items reflected but that information is private between the taxpayers and the IRS.

This contrasts to, e.g., a Japanese tax return, where small businesses have equivalent-to-US recordkeeping requirements for books but also have to submit a complete balance sheet with the return every year (along with a month-to-month revenue statement).